Digital Mergers and Acquisitions Promote Green Transformation

Considering the expansion of China's digital economy since 2009 and the increasing digital M&A of manufacturing firms. So, we choose 2009 as the starting year of this research.

Besides, we processed data as follows: Eliminate listed firms with missing data; Eliminate ST, *ST, or PT companies; Eliminate the data of sample companies before listing; Exclude the data gearing ratio greater than 1. In order to eliminate the interference of extreme outliers in the research conclusion, we also processed the samples by 1% "winsorize." Finally, we obtained 107 firms and 11797 observations in the sample period.